Bvlgari, the Roman High Jeweller recently launched the Bvlgari Bvlgari Mangalsutra Sautoir necklace, a contemporary take on a piece of jewellery steeped in tradition. The mangalsutra, a necklace that is given to a bride by the groom as a symbol of their eternal bond, has been reimagined for the modern woman by the brand. This is their second creation for the contemporary Indian woman, which comes after the success of the first Mangalsutra necklace launched in 2021. Earlier this year, they launched the Kada bracelet for the modern Indian man.
Do you see a shift? The Indian jewellery market today is driven by the demands of Indians who like to wear jewellery on a daily basis. People have moved away from traditional designs and family heirlooms. Even for special occasions, no one wants to be decked up like a Christmas tree anymore. People prefer contemporary designs that are created for them.
A report by Grand View Research highlights, the Indian jewellery market size was estimated at US$ 85.52 billion in 2023 and is expected to grow at a CAGR of 5.7 per cent from 2024 to 2030. Bridal jewellery accounts for nearly half of the gold jewellery market. Further, jewellery bought during celebrations also drives market growth.
My Bling, My Way
The younger buyer wants specific designs and materials used for their jewellery. They have higher disposable income than the older generation and do not look at jewellery merely as a token of financial security. Amit Pratihari, MD, Forevermark says, buyers are gravitating towards simple, timeless pieces that express who they are. Pieces that can effortlessly transition from day to night, and from western to traditional attire. “Precise sizing has become a crucial aspect of customisation, with customers seeking perfectly fitted pieces that combine both beauty and functionality.” He says current trends show a rising demand for larger natural diamonds, reflecting a preference for distinctive designs. Consumers are also increasingly exploring different gold colours, such as white, rose, and even two-tone gold. He mentions their collections like the Forevermark Avaanti and Icon collections do well and are preferred by consumers.
Revathi Kant, Chief Design Officer, Titan Company says, “The trend of stacking jewellery continues to be in vogue, offering versatility and a modern twist. This allows wearers to personalise their style and create unique looks that seamlessly blend classic designs with contemporary flair for every celebration."
Men Like Bling
Go back in time and you will see that Indian men always wore jewellery as a marker of affluence, and at times, even as a talisman. Somewhere along the way, the trend seemed to die down and not many men wore jewellery. The modern man, however, has embraced jewellery, and much like the contemporary woman wants it to be classy, and a reflection of his personality.
Vipul Shah, Chairman, Gem & Jewellery Export Promotion Council (GJEPC) says, there has been a notable rise in jewellery designed for men. Platinum and gold manufacturers are offering a sophisticated range of pieces, such as bi-metal link chains, bracelets, kadas, couple bands, and brooches, which reflect the contemporary aesthetic for men. As society becomes more inclusive, there is also a rise in gender-fluid jewellery. In the bridal category, design houses are also innovating with diamond and gem-encrusted accessories for men, including cufflinks, tie pins, turban ornaments, layered necklaces and more.
Jewellery brands today cater to both men and women. The industry has seen a rise in younger affluent buyers.
AI Embraces The Jewellery Industry
Artificial Intelligence (AI) has brought about several changes in how buyers engage with brands. From enhancing customer experience with the help of virtual try on technology, personalised assistance with the help of data analysis, and AI driven customer service tools that cut down on wait time, it is helping brands deliver better.
For designers, it helps reimagine pieces with newer materials. Pratihari says, it also allows jewellers to better understand consumer trends and preferences, leading to more tailored offerings.
Highlighting the strength of AI technology, Shah says, “It supports bespoke commissions, allowing customers to see and modify designs in real-time before committing to a purchase. AI-driven algorithms assist retailers with data mining, analysing consumer preferences and purchase history to offer personalised jewellery recommendations. They also help large retail stores enhance supply chain efficiency by predicting demand and optimising inventory management.”
A Peek Into The Future
Brands are becoming more purposeful. They are conscious of being trustworthy, and responsible. Consumers are equally conscious of aligning with brands that mirror their values. We will witness such purposeful brands thrive in the future.
Take, for instance, sustainability. This is no longer a word but a commitment followed by employees across all functions in an organisation. “As part of our Building Forever 2030 goals from the De Beers group, we are constantly working towards becoming carbon neutral, minimising our water footprint and delivering a positive impact on biodiversity. We periodically host events with diamond masterclasses that help the consumer make an informed decision about their purchase,” says Pratihari.
Technology will push innovation. According to Shah, “3D printing will change the way manufacturers create jewellery, offering cost-effective solutions and enabling design elements previously thought impossible”.
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